new Operational Risk Module

[freshwoman]

Ok I just started on this on Monday and just finished section 3. I don't know if the module gets better but it seems to me as if it repeats itself constantly and never really says anything substantial or insightful.

Am I missing something? Does this module get better?

At least as a positive it is a really easy read and I think I can get in done in a few weeks time (depending on how hard the final assignment is)

[Stan]

I think I took the module in its current form (took in in June/July this year). It does not really get any better and the eom exercise is really boring again.

[LoneGirl]

Ok I just started on this on Monday and just finished section 3. I don't know if the module gets better but it seems to me as if it repeats itself constantly and never really says anything substantial or insightful.

Am I missing something? Does this module get better?

At least as a positive it is a really easy read and I think I can get in done in a few weeks time (depending on how hard the final assignment is)

You're not missing anything...it's VERY repetitive. They could have left alot out. That being said, I actually kind of enjoyed doing the final exercise. I thought it was sort of interesting (and not too difficult).

[mlschop]

ORM is SOOOOOOOOOOOOOOOOOOOOOOOO much fun! I was sad when it was over :cry:

[freshwoman]

Ok seems that I'm not alone with this feeling. :)

But it makes me wonder if people said OR is so much better than FR module, how much fun will I have when I do that one?

[freshwoman]

Ok I am glad to say I am finished the reading of this and I would sum the module up with 6 major issues:

1) massive repetition - did we really need to define operational risk 10+ times?
2) repetitive readings - the Basel readings were actually identical, so just get rid of one
3) the ask an actuary articles were worthless and had negative value for the profession - no one said anything of value or made insightful points.
4) Massively outdated readings - banking is moving towards Basel III, I saw nothing of value on solvency 2. There is no value in reading something that will be soon gone.
5) over pushing of how actuaries are experts or should be leaders of OR - well the ask the actuary articles sure don't support that, and if the SOA wants the CERA designation to extend beyond the actuarial community this is really going to put outsiders off
6) bashing of the banking industry for subprime - ummm insurers were involved too and have their own issues which weren't address except an old article on Equitable Life. What about the recent insurance co downgrades or insolvencies? Why aren't we talking about AIG, Genworth or Shenandoah life?

That's what I came up with to comment on to the SOA on this module. Anyone think I am missing anything?

Am I missing anything?

[campbell]

As per massively outdated readings: welcome to the SOA!

[bdschobel]

Many of the relatively new modules are massively redundant. The SOA is aware of this and plans to reduce the redundancy in future iterations of the modules. I think that's already happening with the FAP, but I don't believe that the Fellowship modules have been redone yet.

Bruce

[Talmage]

http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=206015

[freshwoman]

I saw that but it only addresses one of my 6 points. And actually in my opinion the repetition of the operational risk definition was the least annoying because it was easiest to skip over.

I have to say I am highly disappointed by this module and feel like I wasted my money on it. I was excited about getting a risk management type designation but after this I'm just going to do the PRM.

[campbell]

It's definitely easier to get PRM [if you're an FSA from another track]. And you've got a better-organized syllabus there.

[Talmage]

Even if you're an ASA you'd only have to take 3 exams for the PRM, and it's still probably less work than doing AFE plus the module.

[ElDucky]

It's not clear if the different mortality curves at the end of the exercise are meant to be included in scenario 3, or if they are just there.